South Korean insurance giant to use blockchain technology for mobile messaging
South Korea’s leading insurance firm, KB Insurance, plans to implement a blockcha-enabled mobile message delivery system for its customers.
According to a June 9 report by industry news outlet Ledger Insights, KB will use the system developed jointly with local telecommunications firm KT Corp starting next month.
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Initially, the service will provide payment and termination notices to auto insurance customers, but the company plans to expand it to all of its customers. The purpose is to reduce shipping costs and non-delivery of notices.
Blockchain ensures message delivery
The new message delivery solution uses blockchain to send insurance policy changes or pending payment notifications and ensure that the user receives the message. The Immediate Edge sent using the system will be registered with a blockchain certification system of the Korea Internet & Security Agency.
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The blockchain registration process gives the message delivery system the same legal validity as registered mail and allows the insurer to prove that the notification reached the customer.
Users may receive notifications after opting in to the service. You can receive notifications without installing an additional application and follow the user even after they change their address and mobile phone number. The service will only be available to customers of the KT, SK Telecom and LG U+ mobile service.
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Blockchain adoption advances
New applications of blockchain technology are making news more frequent. As reported by Cointelegraph today, a Japanese blockchain company recently announced a blockchain-driven mobile application for shareholder voting.
Recently, Microsoft released the beta version of its decentralized identity solution based on the Bitcoin block chain (BTC).